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    Discuss trade (economic reason why trade occurs), the role of the World Trade Organization and regional trade agreements, and the barriers to international trade.

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    There are several reasons why trade occurs. One reason is that countries specialize in producing what they produce best. This is the Ricardian approach. Moreover, trade also occurs because of differences in factor endowments. Another reason is that in the short run specific factors of production are not transferable between countries trade takes place. Finally trade takes place because of distance among countries ...

    Solution Summary

    Barriers to international trade are discussed very comprehensively in this explanation.


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